Bitcoin's Price Surge Wipes Out $2.74 Billion in Short Positions
Bitcoin's price surged above $69,000, reaching levels last seen in 2021, and triggered a massive short squeeze that wiped out over $2.74 billion in short positions.
The sudden move caught many traders off guard, forcing them to liquidate their positions quickly. According to K33 Research, Bitcoin futures saw nearly $1.1 billion in short positions liquidated in one day, exceeding previous records of $757 million in May 2021 and $694 million in November 2025.
The liquidation wave also hit individual traders, with a high-risk trader known as pension-usdt.eth losing over $23.9 million after their entire 50,000 ETH short position, worth about $106 million, was liquidated.
Despite the chaos, crypto trader The Martini Guy remains bullish on Bitcoin's prospects, citing its ability to bounce strongly from support zones and flip its market structure. He predicts that if buyers can break and hold above $70,500, BTC could move towards $71,500 and $72,000.